kshay is single and lives in Thunder Bay. Akshay earned $60,000 in 2013. The following table shows the federal tax rate for individuals in 2013. On Taxable Income... The Tax Rate Is... Up to $43,561 15% From $43,561 to $87,123 22% From $87,123 to $135,054 26% Over $135,054 29% ill in the following table with Akshay's marginal tax rate, total amount of taxes owed, and average tax rate for 2013. Earnings ($) Marginal Tax Rate (%) Taxes Owed ($) Average Tax Rate (%) 60,000

ECON MACRO
5th Edition
ISBN:9781337000529
Author:William A. McEachern
Publisher:William A. McEachern
Chapter3: Economic Decision Makers
Section: Chapter Questions
Problem 3.10P
icon
Related questions
Question
Akshay is single and lives in Thunder Bay. Akshay earned $60,000 in 2013. The following table shows the federal tax rate for individuals in 2013.
 
NOTE:
Marginal Tax Rate options are (15, 22, 26, 29)
Taxes Owed options are (8983, 10151, 11383, 12579, 13174)
Average Tax Rate options are (15, 17, 19, 21, 22)
4. Taxes paid for a given income level
Akshay is single and lives in Thunder Bay. Akshay earned $60,000 in 2013. The following table shows the federal tax rate for individuals in 2013.
On Taxable Income...
Up to $43,561
The Tax Rate Is...
15%
From $43,561 to $87,123
22%
From $87,123 to $135,054
26%
Over $135,054
29%
Fill in the following table with Akshay's marginal tax rate, total amount of taxes owed, and average tax rate for 2013.
Earnings ($)
Marginal Tax Rate (%)
Taxes Owed ($)
Average Tax Rate (%)
60,000
Transcribed Image Text:4. Taxes paid for a given income level Akshay is single and lives in Thunder Bay. Akshay earned $60,000 in 2013. The following table shows the federal tax rate for individuals in 2013. On Taxable Income... Up to $43,561 The Tax Rate Is... 15% From $43,561 to $87,123 22% From $87,123 to $135,054 26% Over $135,054 29% Fill in the following table with Akshay's marginal tax rate, total amount of taxes owed, and average tax rate for 2013. Earnings ($) Marginal Tax Rate (%) Taxes Owed ($) Average Tax Rate (%) 60,000
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Marginal and Average Tax Rate
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
ECON MACRO
ECON MACRO
Economics
ISBN:
9781337000529
Author:
William A. McEachern
Publisher:
Cengage Learning
ECON MICRO
ECON MICRO
Economics
ISBN:
9781337000536
Author:
William A. McEachern
Publisher:
Cengage Learning
Principles of Microeconomics (MindTap Course List)
Principles of Microeconomics (MindTap Course List)
Economics
ISBN:
9781305971493
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Microeconomics
Principles of Microeconomics
Economics
ISBN:
9781305156050
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Survey Of Economics
Survey Of Economics
Economics
ISBN:
9781337111522
Author:
Tucker, Irvin B.
Publisher:
Cengage,